Snapchat stock soars 20% after ending losing streak

Snapchat has finally made investor concerns disappear.For the first time since going public in March, Snapchat...

Posted: Feb 7, 2018 11:02 AM
Updated: Feb 7, 2018 11:02 AM

Snapchat has finally made investor concerns disappear.

For the first time since going public in March, Snapchat's parent company posted quarterly sales and user growth that beat Wall Street's estimates.

The stock soared as much as 25% in after hours trading Tuesday following the results. If the gains hold, Snap's stock could open above its IPO price of $17 a share for the first time since July.

Snap's sales climbed to $285 million in the fourth quarter, up 72% from the same period a year earlier. Sales for the year as a whole doubled to $825 million.

Related: Snapchat redesigns confusing app as user growth stalls

The company also showed signs of accelerated user growth. It added 8.9 million daily active users in the final three months of the year, more than any other quarter of the year.

Snap now has 187 million users, which still puts it far behind rivals like Twitter and Facebook's Instagram.

"Our work during 2017 is proof that we aren't afraid to make big changes for the long-term success of our business," Evan Spiegel, the cofounder and CEO of Snap, said in a statement.

After struggling to grow its audience throughout the year, Snap unveiled a significant redesign in November intended to make its messaging service more intuitive to users.

Among other features, the redesign promised to have a clearer delineation between content from friends and content from publishers.

New York Coronavirus Cases

County data is updated nightly.

Cases: 2707049

Reported Deaths: 57343
CountyCasesDeaths
Kings34831910956
Queens32527210405
Suffolk2532123673
Nassau2243793326
Bronx2127096803
New York1757714661
Westchester1475492354
Erie1228872028
Monroe964171244
Richmond922471967
Orange61633944
Onondaga58795808
Rockland55201782
Dutchess37697507
Albany34056409
Oneida32768634
Niagara28265414
Broome27944432
Saratoga24180222
Schenectady19131243
Ulster18865288
Rensselaer17147192
Chautauqua14703189
Oswego13956132
Putnam13055101
Chemung12691174
St. Lawrence12634143
Steuben12268187
Ontario11499118
Jefferson11123105
Wayne10020101
Cattaraugus9824154
Cayuga9618112
Sullivan944390
Genesee8495143
Herkimer8165141
Clinton795346
Fulton7719109
Tompkins734161
Madison7246108
Warren713194
Livingston707975
Montgomery7073159
Washington652376
Tioga627473
Cortland604088
Allegany5896119
Columbia5617113
Chenango547995
Orleans539095
Franklin529125
Otsego527861
Wyoming519964
Greene487788
Delaware430151
Lewis414539
Seneca317167
Essex294637
Schoharie262324
Yates196733
Schuyler190020
Hamilton5103
Unassigned1422
Out of NY0336
Utica
Cloudy
29° wxIcon
Hi: 30° Lo: 23°
Feels Like: 29°
Oneonta
Cloudy
25° wxIcon
Hi: 28° Lo: 24°
Feels Like: 19°
Herkimer
Cloudy
29° wxIcon
Hi: 32° Lo: 26°
Feels Like: 29°
Old Forge
Partly Cloudy
29° wxIcon
Hi: 23° Lo: 10°
Feels Like: 29°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
2022 WKTV Golf Card only $99.99
Game Day Deals - New Deals Each Week
Stuff the Bus Locations
Saluting Those Who Are Proud 2 Serve